Korea Exchange Bank’s profit suffer from pending buyout

The Bank posted a significant 63% drop in its 3Q11 profit after Lone Star Funds announced it would sell its stake to Hana Financial Group.

According to Bloomberg, “Lone Star Funds’ Korea Exchange Bank posted a 63 percent drop in third-quarter profit because of increased provisions, a week after the U.S. firm was told it would have to sell its stake in the lender.”

Bloomberg added that the Bank’s net income declined to 117 billion won ($104 million) from a restated 319.3 billion won a year earlier.

More than two-thirds of workers at KEB plan to oppose Lone Star’s proposed $4 billion sale of its stake to Hana Financial Group Inc., noted Bloomberg.

View the full report here.